The best program for this, hands down, is High Criteria's TOTAL RECORDER. It's not free, but certainly worth the low price. (under $20). I don't want to give specifics of hooking up your DVD RCA outputs to the 1/8" stereo input on your soundcard, but it's not a difficult thing to do with the right adapters and cables.
Ripping from a streaming broadcast is equally simple and requires no cabling.
(No, I don't work for them, but I can't recommend their fine product enough!).
If you have a fast enough computer (and I assume anything over a 1.0GHz P3 will suffice)with a DVD-ROM drive you can run both the DVD player software (WinDVD, et al) on your computer AND a WAV recording program (Cool Edit, et al) at the same time. Make sure you go into your volume properties (double-click the speaker icon in the system tray) and change the recording input to the correct channel (usually Stereo Mix/WAV/etc, varies among computers).
This method will give you the cleanest audio, since it is recording digital to digital without the need for analog cables that can pickup interference and has some audible limitations.
I have looked at the Total Recorder. It looks good. With this program I assume you start it, stop it, cut it up into tracks and then tag it?
Im also looking at iRadio Lite. Does anyone have any experience with this? Heard anything? It looks like something I might want cuz it says its good for Live365 and it can record a track even if you start in the middle PLUS it takes the tag info.